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a little the taxes they are talking about. no one likes to pay more taxes, but the effect on the market, the things that are being proposed would be overstated. i don't think a downgrading by the credit agencies is factored into people's thinking. so that part of it, if they do something that makes the credit agencies, all of them in unison downgrade as to something below, think about this, that is not a good thing. that disturbs the markets. lou: so and other smart people watched, the speaker off fumbled through his rhetoric to say how tough he is and how resolute the white house will be in all of this. the reaction is in the markets, if it goes another couple of weeks. >> people are saying we are all idiots. people who don't have anything to do with washington and we have to live in places where we are the safest. the debt market or the equities market, particularly the equities market. china, germany, the u.s. they can survive these crazy politicians. lou: tell important. what do you think we can expect? >> far less signifi
a little the taxes they are talking about. no one likes to pay more taxes, but the effect on the market, the things that are being proposed would be overstated. i don't think a downgrading by the credit agencies is factored into people's thinking. so that part of it, if they do something that makes the credit agencies, all of them in unison downgrade as to something below, think about this, that is not a good thing. that disturbs the markets. lou: so and other smart people watched, the speaker...
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i think we need both tax revenue and much more than tax reform will give us, we also need higher tax rates and we also need spending cuts and it has to be balanced. i'm optimistic about this, it seems to me they're coming to common ground here on the tax side and the spending side. >> right now when i'm with the dreath democrats they say no cuts in medicaid, no cuts? social security. >> they kind of don't matter at this point, right? >> they don't matter, but it is going to be, we talked so much about the politics within the republican party and within the republican caucus in the house. but talk to senior democrats and they will tell you, even rank and file democrats, emmanuelle cleaver is important because he's the tom cole of the left, but it's going to be hard for them to walk in at the democratic caucuses that you're going to have to give on raising eligibility for medicare. >> you know the deals that were made, as few as they were recently have not been from the right to the left, but the speakinger has lost her left and the house speaker has los his right. >> there's got to be
i think we need both tax revenue and much more than tax reform will give us, we also need higher tax rates and we also need spending cuts and it has to be balanced. i'm optimistic about this, it seems to me they're coming to common ground here on the tax side and the spending side. >> right now when i'm with the dreath democrats they say no cuts in medicaid, no cuts? social security. >> they kind of don't matter at this point, right? >> they don't matter, but it is going to...
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Dec 7, 2012
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i think this is all fiscal cliff and tax related selling here. i don't think it's core, that rumor that because they moved up margins -- >> what do you do? your brother says stay away. >> i think he's right. you don't add to it until the final weeks of december. >> he didn't say stay away. >> did he say buy it? >> he said own it. >> if he thinks it's going up. >> if he loves it so much, why don't you buy more here? absolutely. on november 16th the stock rallied, took a little bit off, and i still believe on a tact tactical basis that's the right move, at least for me. longer-term time frame it is generational. it looks most like a bond. it's a bond-friendly type of asset. that's why i want to own it. now, john and pete are talking about what potentially could turn it. you have to look forward into the earnings season and understand the potential for the number of iphones to be sold to hit 50 million. now, the reason that it was down 9 of 11 weeks, why did that begin? it began on the conversation of iphone five constraints. you wanted to order an
i think this is all fiscal cliff and tax related selling here. i don't think it's core, that rumor that because they moved up margins -- >> what do you do? your brother says stay away. >> i think he's right. you don't add to it until the final weeks of december. >> he didn't say stay away. >> did he say buy it? >> he said own it. >> if he thinks it's going up. >> if he loves it so much, why don't you buy more here? absolutely. on november 16th the stock...
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Dec 5, 2012
12/12
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today, the government is warning that reverse mortgages are not free money. >> turn their equity into tax free cash. >> give you tax free cash. >> they are not being told about the down side. >> reporter: right now in america, 57,000 seniors in reverse mortgages are in danger of losing their home. a nearly 10% foreclosure rate, four times higher than traditional mortgages. tomorrow, the department of housing and urban development will recommend congress prohibit large lump sum payments. and recommend seniors be very careful with reverse mortgages. is a reverse mortgage the last option? >> i really think it should be. absolutely. >> reporter: an option -- >> wonderful house. >> reporter: -- linda mcmahon regrets taking. >> i hope somebody will enjoy it. >> reporter: jim avila, abc news, washington. >>> now, our made in america team is back in action, because 40% of retail sales take place between thanksgiving and christmas. and, the more items we buy made in america, the more american jobs we can create together. and there's proof tonight. one of your ideas led abc's david muir to the icon
today, the government is warning that reverse mortgages are not free money. >> turn their equity into tax free cash. >> give you tax free cash. >> they are not being told about the down side. >> reporter: right now in america, 57,000 seniors in reverse mortgages are in danger of losing their home. a nearly 10% foreclosure rate, four times higher than traditional mortgages. tomorrow, the department of housing and urban development will recommend congress prohibit large...
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up in the estate tax goes up. basically, we could be looking at a private stimulus package happening. >> you are talking about transferring 25 million-dollar houses from one rich person to another, right? >> you are buying stuff back and forth. the parents to give that to their kids. the estate tax is 35% on everything over $5 million and agosta 55%. anything over $1 million. it is horrible. melissa: dennis needs a break after running the 12 flights of stairs. this time this item is for christmas. this starbucks card will set you back $450. the card itself costs $50, then the card itself is $450 for the gift card. you cannot buy them at the store coming have to give them from gil.com. >> of i spent $450, it will be almost a full pair of christian louis vuitton shoes. i'm not sure they are seen holding this card. >> a person is going to say my gold card -- what happens if you violate 10 cups of coffee, do you get a gold card membership? >> the highest profit margin will be on the copy. how much is that slipups stai
up in the estate tax goes up. basically, we could be looking at a private stimulus package happening. >> you are talking about transferring 25 million-dollar houses from one rich person to another, right? >> you are buying stuff back and forth. the parents to give that to their kids. the estate tax is 35% on everything over $5 million and agosta 55%. anything over $1 million. it is horrible. melissa: dennis needs a break after running the 12 flights of stairs. this time this item is...
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Dec 3, 2012
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or dividend tax as opposed to much higher because we know that taxes will probably go higher in 2013. oracle is accelerating payments of 2013 dif dens. they're going to pay second quarter, third quarter and fourth quarter dividends this month. gordon, what has that done to trading and investing environment? all these special dividends. oracle is doing it now, second quarter, third quarter dividends this month so investors can get taxed at the 2012 dividend rate. >> it's bigger than that because it's not only the corporation themselves but corporate executives. cashing out options looking for preferential tax treatment there as well. that's just prudent corporate management. you can't fault them. stocks paying special dividends have been outperforming the spx in the time period since this started happening. in some ways in the convoluted way it's been a positive for the market. >> oracle is down, though o this news. >> oracle is down right now. gordon, you make a really good point. that's where the performance has been, the conditions paying these special dividends. when i see an anno
or dividend tax as opposed to much higher because we know that taxes will probably go higher in 2013. oracle is accelerating payments of 2013 dif dens. they're going to pay second quarter, third quarter and fourth quarter dividends this month. gordon, what has that done to trading and investing environment? all these special dividends. oracle is doing it now, second quarter, third quarter dividends this month so investors can get taxed at the 2012 dividend rate. >> it's bigger than that...
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Dec 10, 2012
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in taxes. but is that helping investors? well see. everybody is at the big board today. >> we are all down here. >> we are. everybody is in the family. we like it down here. maybe we'll see. you never know. >>> all right, the apple map story. if you haven't heard this story, it is very interesting. is it the australian police? >> yes. >> australian defense minister. whatever you down there. is warning people, dent use apple maps. it could be fatal. some people got lost in a national park. >> right. giving incomplete instructions. >> right. left at the dingo, right at the crocodile. they were getting stuck. australian police said don't use apple maps, they are dangerous. which is just bizarre. >> it is bizarre. feels like it is a little dire. in terms after warning. >> yeah. if you're under a national park in the outskirts, you're not in the hard streets of melbourne. >> people get lost in those national parks all the time. i get lost in them. follow the national dingos. follow the ants. they ar
in taxes. but is that helping investors? well see. everybody is at the big board today. >> we are all down here. >> we are. everybody is in the family. we like it down here. maybe we'll see. you never know. >>> all right, the apple map story. if you haven't heard this story, it is very interesting. is it the australian police? >> yes. >> australian defense minister. whatever you down there. is warning people, dent use apple maps. it could be fatal. some people...
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Dec 10, 2012
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the internet giant stashing billions in tax shelters to avoid paying taxes. is that fair play or outrageous corporate behavior? especially in this climate. well talk about that. but first, markets are generally higher. dow jones industrial average up 29 points on the day. nasdaq is up 7. and s&p 500 up about 1 1/2. >> they've been that way about the last ten days or two weeks or so. 21 days until america goes over the cliff or not. president obama meeting with the house speaker boehner in a closed door session over the weekend. yesterday in fact. trying to hammer out a deal. we hope you watch the redskins win over the ravens there in the last minute. president set to speak later at an auto plant in michigan about his planes it raise taxes on the rich. our chief political correspondent live at the white house with the latest. hi, john. >> hi, tyler. it is glammy and overcast in washington today but everybody is looking for bright signs about the fiscal cliff. we have a bright side yesterday when john boehner came here to the white house. house speaker to talk
the internet giant stashing billions in tax shelters to avoid paying taxes. is that fair play or outrageous corporate behavior? especially in this climate. well talk about that. but first, markets are generally higher. dow jones industrial average up 29 points on the day. nasdaq is up 7. and s&p 500 up about 1 1/2. >> they've been that way about the last ten days or two weeks or so. 21 days until america goes over the cliff or not. president obama meeting with the house speaker...
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geithner said the president is absolutely willing to go off the cliff unless republicans agree to raise tax rates. >> there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> reporter: and on that, no progress. >> where are the specifics? where are the discussions? nothing is going on. >> reporter: there have been no real talks between the white house and republicans for a week. but late today, diane, one possible sign of progress. the president and the speaker of the house spoke via telephone. neither side would give any details about what was said, but the stock market closed higher today with traders, at least, apparently optimistic that a deal will be reached. >> one phone call can do that. okay, thank you, jonathan karl. >>> and now, we head overseas to cairo. another day of bloodshed and chaos there. battles erupting in the streets. look there, outside the presidential palace. between those two support between those who support egyptian president morsi and those who want him to go. both sides u
geithner said the president is absolutely willing to go off the cliff unless republicans agree to raise tax rates. >> there's no prospect for an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> reporter: and on that, no progress. >> where are the specifics? where are the discussions? nothing is going on. >> reporter: there have been no real talks between the white house and republicans for a week....
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Dec 6, 2012
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taxes. >> now the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> and new polling by the associated press could strengthen the president's hand in negotiations. 48% of americans say they support the idea of raising taxes on the highest earners. that's compared to 32% who say tax cuts should continue for everyone. >> well, hillary clinton says she insists that she wants to get out of politics. but a new poll shows that the majority of americans are hoping she has a change of heart. the latest abc news/"washington post" poll shows 50% of americans would vote for hillary clinton in 2016. 37% would oppose such a campaign. hillary clinton also has a strong bid of support in her home state of new york where 54% of voters say she would make a great runner. but new yorkers are not so enthusiastic about the current governor jumping into the race. 39% suppo
taxes. >> now the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> and new polling by the associated press could strengthen the president's hand in negotiations. 48% of americans say they support the idea of raising taxes on the highest earners. that's...
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Dec 4, 2012
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raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary got shut off. that was because of prioritizing economic growth and being willing to raise revenues. look when we started growing again after the recession. it was not long after the stimulus kicked in. the government spent money and the economy grew. that's how it works. that's why it used to be a beltway consensus when the economy needed to e grow, you needed economic stimulus in terms of your fiscal policy. now the discussion about how we need to make sure we contract the economy and cause as much pain as possible to the people who will be hurt the most by that contracting, maybe that makes sense on sunday morning, but the rest of us go to work during the week and sometimes we go to parties. right now as we speak, here's the scene in washington. at the white house, which bo obama has shown us what it
raising taxes. but also he did it in a way that grew the economy and the nation prospered and the debt became no big deal and then the debt was gone and the debt clocks that were supposed to be scary got shut off. that was because of prioritizing economic growth and being willing to raise revenues. look when we started growing again after the recession. it was not long after the stimulus kicked in. the government spent money and the economy grew. that's how it works. that's why it used to be a...
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tax. >> our wealth editor robert frank breaks it down now. >> thanks, bill. the estate tax could go up even more and become a big problem for any kind of cliff deal. let's take a look. the current tax is around 30%. only those worth $5 million or more have to file. if we go off the cliff, it will shoot to 55%. anyone with an estate with $1 million or more will have to file. that will cost many more in the estate tax. many prefer the tax is abolished. obama wants a 45% rate and $3.5 million cutoff. that's midway between today's rates and the old rate. now the problem is even some democrats are siding with republicans. they say they want to keep the current rates. so all sides here remain very far apart. this matters because wealthy families need to rewrite their wills, their charity plans. and for the country there are hundreds of billions of dollars of taxes at stake. it's also a hugely symbolic tax. the left says these estate taxes are important to curb family dynasties. and they also cal
tax. >> our wealth editor robert frank breaks it down now. >> thanks, bill. the estate tax could go up even more and become a big problem for any kind of cliff deal. let's take a look. the current tax is around 30%. only those worth $5 million or more have to file. if we go off the cliff, it will shoot to 55%. anyone with an estate with $1 million or more will have to file. that will cost many more in the estate tax. many prefer the tax is abolished. obama wants a 45% rate and $3.5...
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Dec 7, 2012
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can the state price legal taxed marijuana to be competitive with tax-free illegal pot on the street? as people celebrate in seattle, even though smoking anything in public is still against the law there, the market will have to figure out if the cost of complying with regulation and taxes in a legal pot world is more or less than the security cost criminals factor into their pricing for running an illegal enterprise. washington state says it'll take a year to set up its pol pot bureaucracy. it estimates tax revenues from marijuana will grow to $560,000 in 2013 to almost ten times that amount in 2015. it's even analyzed pricing, quote, medical marijuana dispensary prices on average range between $10 and $15 per gram with some proceed yum products exceeding $15 per gram. producer price is $3 per gram. the processer price is $6 per gram. no price elasticity is assumed. that may be a bad assumption. in colorado, the governor has yet to sign the pot law voters passed there. democratic congressman told us before the election they have to figure out what this means in terms of whether the m
can the state price legal taxed marijuana to be competitive with tax-free illegal pot on the street? as people celebrate in seattle, even though smoking anything in public is still against the law there, the market will have to figure out if the cost of complying with regulation and taxes in a legal pot world is more or less than the security cost criminals factor into their pricing for running an illegal enterprise. washington state says it'll take a year to set up its pol pot bureaucracy. it...
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gerri: as you are implying, the taxes, the debt tax sores after january 1 if nothing happens. >> monster. gerri: absolutely frightening. to you, you can see how people are reacting in the heartland to this. we're seeing reports every single day about people who are no upping the ante to charity because they're worried that their charitable donation will be worth less. companies are paying dividends like to have not seen in december. it seems to me like the rest of the world is ahead of congress. washington is in the rearview see, and everybody else is getting ahead of them. >> right. i say that's like every other day in america where the rest of the world as head of congress. [laughter] gerri: how is this different? [laughter] >> i think that's right. i think what we're seeing in public is a little bit different from all rehearsing in private. what you're likely to see is republicans agree to some kind of decoupling of the tax rate issue, whether they do it and this proposal that has been floated that they vote present and let the president and democrats on the issue or whether they free
gerri: as you are implying, the taxes, the debt tax sores after january 1 if nothing happens. >> monster. gerri: absolutely frightening. to you, you can see how people are reacting in the heartland to this. we're seeing reports every single day about people who are no upping the ante to charity because they're worried that their charitable donation will be worth less. companies are paying dividends like to have not seen in december. it seems to me like the rest of the world is ahead of...
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republicans have offered to raise taxes on higher incomes by $800 billion, not by raising tax rates, but by eliminating some deductions and loopholes. during last year's budget showdown, the president said he wanted to do exactly that. >> what we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base. >> reporter: but now the president does not. he says it will not raise enough revenue. >> it's not me being stubborn. it's not me being partisan. it's just a matter of math. >> reporter: amidst all this disagreement, one area where there might be potential compromise, raising the age when seniors can start receiving medicare, from 65 to 67. that would help the government save almost $6 billion a year, according to one study, though it would also come at a cost. an average of $700 more in out-of-pocket costs for those seniors no longer eligible for
republicans have offered to raise taxes on higher incomes by $800 billion, not by raising tax rates, but by eliminating some deductions and loopholes. during last year's budget showdown, the president said he wanted to do exactly that. >> what we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could...
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licensed by the state and paying taxes to it. this, all while theç federal government still views possessing and certainly growing, selling, and distributing marijuana as serious felonies. how's that going to work is the big question that hangs over whatever celebrations the citizens of washington might engage in tomorrow. on a side note, tomorrow is also the first day that same-sex couples will be able to get marriage licenses in washington. then on sunday, they will actually be able to tie the knot. that was another huge stage washington state voters approved in the last election. if you are betting on how this country will evolve in the next few decades in terms of politics and policy, two safe bets. marriage equality and marijuana. both of those policies go into effect tomorrow in washington. the truly fascinating thing here is that starting tomorrow, we will see an abstract debate, an abstract policy discussion that we've had for many years. should pot be legal? how might it change society? how might it improve it? we'll s
licensed by the state and paying taxes to it. this, all while theç federal government still views possessing and certainly growing, selling, and distributing marijuana as serious felonies. how's that going to work is the big question that hangs over whatever celebrations the citizens of washington might engage in tomorrow. on a side note, tomorrow is also the first day that same-sex couples will be able to get marriage licenses in washington. then on sunday, they will actually be able to tie...
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Dec 10, 2012
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. >> let's face it, he has the upper hand on taxes. you have to pass something to keep that from happening. >> reporter: why the compromising words? the white house moderated some demands. the president say s tax rates fr the wealthy have to rise but now word that the actual rate could be negotiable. maybe not all the way back to 39.6%. >> will i accept a tax increase as a deal to solve problems? yes. >> reporter: those problem, according to republican, entitlement. and today, a leading democrat embraced the way to cut medicare cuts. means testing. those who make more would have to pay more for medicare. >> those of us with higher income in retirement should pay more. that could be part of a solution. >> reporter: the speaker feeling the heat from his right. "saturday light live" suggested that republicans are bullying boehner in the cafeteria. >> not a single member of his party is willing to share -- he didn't have any milk to drink because -- well, tell them why, john. >> they had taken my milk and thrown it in the garbage. >> repor
. >> let's face it, he has the upper hand on taxes. you have to pass something to keep that from happening. >> reporter: why the compromising words? the white house moderated some demands. the president say s tax rates fr the wealthy have to rise but now word that the actual rate could be negotiable. maybe not all the way back to 39.6%. >> will i accept a tax increase as a deal to solve problems? yes. >> reporter: those problem, according to republican, entitlement. and...
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Dec 9, 2012
12/12
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. >> let's face it, he has the upper hand on taxing. >> reporter: why the compromising words? the white house moderated demands. word that the actual rate could be negatiotiable. >> will i accent it? yes. >> reporter: the problem, entitlement. and today, a leading democrat embraced the way to cut medicare cuts. means testing. those who make more would have to pay more more medicare. >> those of us who make more in retirement have to pay more. that could be a solution. >> reporter: saturday light live sub jested that republican ras bullying boehner in the cafeteria. >> he didn't have any milk to drink because -- well, tell them why, john. >> they had taken my milk and thrown it in the garbage doctor they make any progress at the white house? both sides very tight lipped. in fact, they released the same statement world for word, very quiet. david? >> thank you. >>> wall street also watching as both sides inch to the fiscal cliff. not only are your taxes in the balance so are the 401ks. and today, ood holiday bonus, gas prices. we bring in bianna golodryga. you look at gas prices
. >> let's face it, he has the upper hand on taxing. >> reporter: why the compromising words? the white house moderated demands. word that the actual rate could be negatiotiable. >> will i accent it? yes. >> reporter: the problem, entitlement. and today, a leading democrat embraced the way to cut medicare cuts. means testing. those who make more would have to pay more more medicare. >> those of us who make more in retirement have to pay more. that could be a...
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Dec 3, 2012
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tax revenue? on that the president responded -- high-end tax cuts do least for economic growth and cost almost $1 trillion. extending middle class cuts boosts consumer demand and growth. meantime the white house photographer tweeted a picture of the president answering tweets. speaker of the house john boehner also got into the conversation saying, mr. president, the budget will never balance without economic growth. how does raising tax rates on 1 million small businesses create jobs and grow the economy? let's see if the president responds to that one. he still has it. back over to you. >> that feels a little bit like a side show. >> tax cuts on one group help but tax cuts over here won't help and $80 billion a year will suddenly save medicare. >>> america doubling down on secret agents. u.s. sending out nearly 2,000 new spies. next we'll tell you their prime targets -- hint -- and the price tag for you, the taxpayer, will be paid for by tax hikes on the rich. >>> the cnbc real-time exchange mar
tax revenue? on that the president responded -- high-end tax cuts do least for economic growth and cost almost $1 trillion. extending middle class cuts boosts consumer demand and growth. meantime the white house photographer tweeted a picture of the president answering tweets. speaker of the house john boehner also got into the conversation saying, mr. president, the budget will never balance without economic growth. how does raising tax rates on 1 million small businesses create jobs and grow...
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of tax keyed. as a small business operator, do you get to do those things? >> when president obama came to hat field, pennsylvania, down the street, about a week ago,way discovered by the press and we nigheeded to have plan, and there was almost no press coverage at all. your point is exactly correct. small businesses have nothing except the press out fit and the story that you're telling is that small business doesn't have reputation is a story that needs to be heard by the american people because we cannot compete if our own government is one of the biggest obstacles to their oak cess. >> you even talk about this and not just financial issue, it's a moral issue. extremes. >> i've seen how other people live and with your of the best things moving overseas, you get to appreciate what america is and america is a unique place and america is a unique government. our government is the only one in the history of mab which was farmed with a single idea in mind. to protect the sids r citizen's write right
of tax keyed. as a small business operator, do you get to do those things? >> when president obama came to hat field, pennsylvania, down the street, about a week ago,way discovered by the press and we nigheeded to have plan, and there was almost no press coverage at all. your point is exactly correct. small businesses have nothing except the press out fit and the story that you're telling is that small business doesn't have reputation is a story that needs to be heard by the american...
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principles for tax reform. it is very short. lower tax rates. the tax system should be simplified and work for all americans with lower individual and corporate tax rates and fewer brackets. now our viewers can see who said this, would you be surprised that was barack obama speaking back in 2011? >> let's replay that tape. i would like to hear that again. he is talking some sense. david: what happened, bob? he is exactly the opposite today, saying that we need higher taxes. what happened in the course of a year? >> so what you're pointing out is uncertainty. i think people and businesses can deal with tax rates different from what they are. where they can't deal is when we have no clue. uncertainty is one of the worst things for markets and that's why, as you reported a few minutes ago, companies are sitting on this massive amount of cash. they just don't know what to do. we need to give them the rules. sandra: so bob, if we can all agree that taxes in some form are going to go up in the new year what do you do with your money? are we going to a
principles for tax reform. it is very short. lower tax rates. the tax system should be simplified and work for all americans with lower individual and corporate tax rates and fewer brackets. now our viewers can see who said this, would you be surprised that was barack obama speaking back in 2011? >> let's replay that tape. i would like to hear that again. he is talking some sense. david: what happened, bob? he is exactly the opposite today, saying that we need higher taxes. what happened...
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it's broadening the base, perhaps lowering some taxes and overhauling that tax code. he said that would destroy american jobs. as the chief executive of a major u.s. corporation, do you agree with that? >> i think it's hard to decide whether it's going to destroy a job until you know what the specifics are. i do think you need to provide incentives for people to keep growing their business, to make more money. i think a really high progressive tax rate won't do that. i do think -- if you raise the rates by a couple points, it's not going to drive everybody crazy. i think what we have to do is get the government out of this industrial policy where every time we turn around, they want something done. they pass a tax law. they get people to invest in it. then they turn around and blame you for taking advantage of the tax law. they call it incentives. then they call it loopholes. i think we have to get the government out of that part of the business. that tax code has to be changed. >> you've got to pay your fair share. >> everybody should pay their fair share. >> allstat
it's broadening the base, perhaps lowering some taxes and overhauling that tax code. he said that would destroy american jobs. as the chief executive of a major u.s. corporation, do you agree with that? >> i think it's hard to decide whether it's going to destroy a job until you know what the specifics are. i do think you need to provide incentives for people to keep growing their business, to make more money. i think a really high progressive tax rate won't do that. i do think -- if you...
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Dec 9, 2012
12/12
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>> well, you know, howls holds also realize that tax rates are likely to go up, so we're seeing thlot of underwater homeowners-- homeowners that owe more on aeir home than it's worth-- itling this year because they get a tax break if they do it ohis year. next year they may not get it. we're seeing wealthy households give more to their favorite charities. 'vey're worried the charitable earsction they've been using for many years may get scaled back so they want to get that done this year. >> dubois: okay, mark zandi, thank you very much tonight. one of the brightest spots in the u.s. economy is car sales. 1.1 million cars and trucks were sold last month. that's up 15% over last year. thn blackstone reports while americans are spending more money on cars, they are demanding vehicles that cost them less at the bump. >> reporter: this year's l.a. auto show is bolder... and greener than ever before. more than 50 electric, hybrid, and other fuel-efficient vehicles are on display at a time when style is taking a backseat to fuel economy. fward loh, editor in chief for "motor trend" magazine
>> well, you know, howls holds also realize that tax rates are likely to go up, so we're seeing thlot of underwater homeowners-- homeowners that owe more on aeir home than it's worth-- itling this year because they get a tax break if they do it ohis year. next year they may not get it. we're seeing wealthy households give more to their favorite charities. 'vey're worried the charitable earsction they've been using for many years may get scaled back so they want to get that done this year....
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Dec 5, 2012
12/12
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it's not the tax cuts going into effect. and -- >> you mean the millions of dollars -- >> the cuts that will be forced through in the next two years. that's a much bigger risk to the economy. >> therefore? >> therefore, if the president lets this thing -- look, the markets have already priced this in. >> i hear the opposite. i hear that they believe that grown-ups will do the job when they have to. they don't believe they're going to let us go over the cliff. >> i don't think the grown-ups believe they have to do the job by january 1st. i believe they believe the grown-ups have to do the job by january 30th or february 15th. >> they're going to believe the politicians can get the job done when they failed to get it done by january 1st. they're then going to believe -- >> i hear what steve is saying there. i'm standing in your camp, which is a rare spot for me to be in, standing in chris's camp here, but i think you're right. i think the markets have not baked this into their equation. >> dysfunction and childishness. >> dysf
it's not the tax cuts going into effect. and -- >> you mean the millions of dollars -- >> the cuts that will be forced through in the next two years. that's a much bigger risk to the economy. >> therefore? >> therefore, if the president lets this thing -- look, the markets have already priced this in. >> i hear the opposite. i hear that they believe that grown-ups will do the job when they have to. they don't believe they're going to let us go over the cliff....
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Dec 6, 2012
12/12
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remember, the president, two years ago, extended all of the tax cuts, including the tax cuts for top earners, on the grounds that the economy was so weak, it couldn't take the blow and the withdrawal in effect of money from the economy by doing that. so to some degree, the administration itself is evolving with changing economic circumstances. at some point, when you get in a recovery, and the administration's making the case and job numbers tell us we are recovering and other economic data do, too, you say some of the things we enacted as emergency measure during the great recession are going to either be taken away or tapered down. and that's part of the logic of including some cuts or some reduction in the extension of unemployment, food stamps and other things. >> but okay, we're going to talk about the reality of being poor in america and the next couple of block. the notion that you can start kicking people off food stamp rolls because we're in a recovery. if you look at how much money people are make, the stats, economic impact of giving a person a dollar in food stamps equals
remember, the president, two years ago, extended all of the tax cuts, including the tax cuts for top earners, on the grounds that the economy was so weak, it couldn't take the blow and the withdrawal in effect of money from the economy by doing that. so to some degree, the administration itself is evolving with changing economic circumstances. at some point, when you get in a recovery, and the administration's making the case and job numbers tell us we are recovering and other economic data do,...
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Dec 10, 2012
12/12
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FBC
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carbon tax okay if you lower tax rates on income? sandra: he's firmly against the carbon tax. he said, however, if they were willing to lower rates across the board in many other ways, he would be willing to discuss it. yes, he did make that point. stuart: okay. sandra: however what i don't like about this is al gore using a tragic situation hurricane sandy as an opportunistic -- stuart: he's not the only one. mayor bloomberg and governor cuomo said the same thing. harry reid said this. i take your point, but go. >> we can sit here and debate this. we don't have conclusive evidence either way. but the bottom line is he wants the government to come in and say we're going to harm small businesses here, we're going to impose the taxes, overregulate, do all the things that hurt these businesses and inhibit their ability to function and grow when we don't have conclusive evidence. that's the problem. stuart: but it's very attractive to a politician, a carbon tax, because it brings in a gusher of money. you tax companies. you tax utilities for the amount of co2s hat they put out in
carbon tax okay if you lower tax rates on income? sandra: he's firmly against the carbon tax. he said, however, if they were willing to lower rates across the board in many other ways, he would be willing to discuss it. yes, he did make that point. stuart: okay. sandra: however what i don't like about this is al gore using a tragic situation hurricane sandy as an opportunistic -- stuart: he's not the only one. mayor bloomberg and governor cuomo said the same thing. harry reid said this. i take...
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Dec 2, 2012
12/12
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fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? >> we proposed detailed proposal on both sides. if they want to go beyond that, they should tell us what they like to do. if they want to do it differently -- >> whose turn is this? where are we in this? >> the ball really is with them now. again, they're in a hard place. they're having a tough time trying to figure out what they can do. that's understandable. this is very difficult for them. we might need more time to figure out where -- >> we don't have a lot of time. >> you can't wait very long. what we are trying to do is be as clear as we can with what is essential to us and what we like to have and what we think is good for the american econo
fine, you don't want new tax rates. we're out of this. >> what we're trying to do is to get them to come together and join us and doing something that's good for the american economy, and we recognize that's going to require spending savings, not just revenue increases on the top wealthiest 2% of americans. >> and you propose the spending side. you like to see what they want? >> we proposed detailed proposal on both sides. if they want to go beyond that, they should tell us...
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Dec 5, 2012
12/12
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they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep saying no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect elizabeth warren, a champion of financial reform, will get a spot on the banking committee. >>> and senator john mccain hints he might favor filibuster reform. debbie stabenow is here on rule changes. stay with us. we're right back. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. th
they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep saying no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect...
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Dec 5, 2012
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they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep say iing no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect elizabeth warren, a champion of financial reform, will get a spot on the banking committee. >>> and senator john mccain hints he might favor filibuster reform. debbie stabenow is here on rule changes. stay with us. we're right back. eat good fats. avoid bad. don't go over 2000... 1200 calories a day. carbs are bad. carbs are good. the story keeps changing. so i'm not listening... to anyone but myself. i know better nutrition when i see it: great grains. great grains cereal starts whole and stays whole. see the seam? more processed flakes look nothing like natural grains. you can'
they get an average tax cut meaning if it expires, their taxes go up. republicans know that. republicans know if they don't do it by january 1st, we're going to keep passing tax cuts for the middle class. if they keep say iing no, eventually they won't because the public pressure will be on them they need to step up. they have to quit protecting. they do everything in the name of the wealthy. >> okay. sherrod brown, stay with us. i appreciate it. >>> it looks like senator-elect...
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Dec 5, 2012
12/12
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WBAL
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without raising tax rates. >> reporter: and the president today offered this warning to republicans. amid reports they may accept mr. obama's plan to extend tax cuts for most americans while allowing them to go up for the richest, and start the fight all over again during debt limit talks early next year. >> that is a bad strategy for america. it is a bad strategy for your businesses. and it is not a game that i will play. >> reporter: and brian, tonight, the white house is preparing in case the country does go over that fiscal cliff, budget officials have asked all federal agencies for information that they need in case of possible plans in case of those automatic spending cuts that could go in place in just 27 days. >> peter alexander at the white house for us tonight. thank you. >>> and up next, the loss today of a legend in american music. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ i took my son fishi
without raising tax rates. >> reporter: and the president today offered this warning to republicans. amid reports they may accept mr. obama's plan to extend tax cuts for most americans while allowing them to go up for the richest, and start the fight all over again during debt limit talks early next year. >> that is a bad strategy for america. it is a bad strategy for your businesses. and it is not a game that i will play. >> reporter: and brian, tonight, the white house is...
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Dec 5, 2012
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that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >> reporter: they are going to go home. they are not going to be in session on thursday or friday. i asked the speaker whether that is got optics for the house to leave town while the fiscal cliff is so close in front of us and that is the answer, that he will be in town, ready, willing, and able to talk to the president at any time. so that was really the issue. the house republican leadership, i tell you, they say they simply don't have any legislation to put on the floor. that's why they are play sending their members home. they are hoping to get the mess
that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >>...
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Dec 6, 2012
12/12
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CNBC
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why double tax capital? anyway, thank you, danielle hughes, we appreciate it. >>> there is a major stir tonight over a cartoon narrated by actor ed asner. check it out. >> over time, rich people decided they weren't rich enough, so they came up with ways to get richer. the first way was to tax cuts. they said why should i care about other nonrich people? >> all right, this here is just an attack on free enterprise. shame on mr. asner, who's a good actor. it's an attack on success. it's an attack on capital itch. it's also an attack on good taste, although we didn't show the most vulgar part. where does a successful actor like this get off saying this kind of thing? what does he know about capitalism anyway as he makes his bucks, and by the way, this entire cartoon was sponsored by the teachers union. what a shocking surprise there. they, too, higher taxes on the rich, knock down free market capitalism, go up against free enterprise. you know, when is this left wing stuff going to end? i guess the answer is n
why double tax capital? anyway, thank you, danielle hughes, we appreciate it. >>> there is a major stir tonight over a cartoon narrated by actor ed asner. check it out. >> over time, rich people decided they weren't rich enough, so they came up with ways to get richer. the first way was to tax cuts. they said why should i care about other nonrich people? >> all right, this here is just an attack on free enterprise. shame on mr. asner, who's a good actor. it's an attack on...
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Dec 4, 2012
12/12
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he spoke of the benefits of cutting taxes. president obama, i hope you're watching this. >> this can be the most important step we could take to prevent another recession. that is the right time to make tax cuts both for your family budget and the national budget. resulting from a permanent basic reform and reduction in our rate structure, a creative tax cut creating more jobs and income and eventually more revenue. it will include an across the the board top to bottom cut in both corporate and personal income taxes. the billions of dollars this bill will place in the hands of the consumer, and our businessmen, will have both immediate and permanent benefits to our economy. every dollar released from taxation that is spent or invested will help create a new job and a new salary and these new jobs and new salaries can create other jobs and other salaries. >> right. that is the message that president obama needs to hear. unfortunately, there's growing evidence to indicate that he's not interested in striking any deal at all. now
he spoke of the benefits of cutting taxes. president obama, i hope you're watching this. >> this can be the most important step we could take to prevent another recession. that is the right time to make tax cuts both for your family budget and the national budget. resulting from a permanent basic reform and reduction in our rate structure, a creative tax cut creating more jobs and income and eventually more revenue. it will include an across the the board top to bottom cut in both...
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Dec 7, 2012
12/12
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MSNBC
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labor higher than we tax capitol. the republicans believe it does, they believe the higher you tax something the more you are discouraging it. there is bill crystal asking why do we want to tax labor more than capitol? that is the question. >> it is interesting. you are are seeing rank and file members of the party. you are starting to see the troops fall away. what would happen if for instance the senate bill were to be voted on in the house? >> they want to do it. and it would pass. we would have to get into these other questions. >> polls favoring the president in his approach and the outcome that he wants. and the polls i don't think that rush are limbaugh is reading those polls. >> there is no way to come to an agreement. the only thing that can happen is for one side to cave in. this is being realistic. there is no common ground here. there is no bipartisanship to be had. it ain't going to happen. there is no compromise. none. there is only concession. and that is what will happen. when rush doesn't want to soun
labor higher than we tax capitol. the republicans believe it does, they believe the higher you tax something the more you are discouraging it. there is bill crystal asking why do we want to tax labor more than capitol? that is the question. >> it is interesting. you are are seeing rank and file members of the party. you are starting to see the troops fall away. what would happen if for instance the senate bill were to be voted on in the house? >> they want to do it. and it would...
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Dec 5, 2012
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it's always easy for somebody to say let's tax the other guy, not me. i think part of the situation is going to be deciding revenue enhancements, whether that's closing loopholes or raising rates or as we've done in utah, grow the economy which is another way to increase revenue, and there's a debate on what cuts are going to be made and are entitlements on the table. so i expect that's going to be part of the discussion. what we're wanting to say to the congress and the president today, though, as a state, we want you to get it done. compromise ought not to be a dirty word. there ought to be the fact that the good people can come together, find common ground and keep in mind what's in the best interests of the economy of america and the taxpayer, and find a solution. putting this off and procrastination and kicking it on down the road is not an option. we as governors are saying get it done, it's going to impact our states. we're prepared to help you. we'll take less money as states. give us more flexibility, we'll fit within some parameters and we can
it's always easy for somebody to say let's tax the other guy, not me. i think part of the situation is going to be deciding revenue enhancements, whether that's closing loopholes or raising rates or as we've done in utah, grow the economy which is another way to increase revenue, and there's a debate on what cuts are going to be made and are entitlements on the table. so i expect that's going to be part of the discussion. what we're wanting to say to the congress and the president today,...
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Dec 6, 2012
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means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over 200,000, but most are small businesses filing a subchapter s companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> from everything i've heard is that we are realistically, there's two options for country. one, go over the cliff. the other, extend the bush tax cuts for the 98% of americans. everyone who makes under $200,000 a year if they're single. those seem to be the two choices. between those, which do you pick? >> but, if we do that and raise the taxes on those small businesses we were just talking about, according to the congressional budget office, that's going to be about 200,000 american families are going to be out of work next year and that's the low estimate. young is estimating about 700,000 more unemployed. that's a lot of hurt for the middle class, so this is a
means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over 200,000, but most are small businesses filing a subchapter s companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> from everything i've heard is that we are realistically,...
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Dec 6, 2012
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WUSA
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legal marijuana sales could also generate washington $500 million a year in taxes and business. opponents worry legalization will lead to more people using drugs. >> this is not what you're going to pick up in a baggy at the corner. >> absolutely not. it's the complete opposite. >> reporter: jamen shively, a former microsoft executive, has plans for up-market marijuana shops. >> we're positioning premium marijuana, very similar to a fine cognac, a fine cigar, something to be safeord, something to be consumed in moderation by responsible adults. >> reporter: new stores would be modeled after those in many states it for alcohol. by next month, a similar law will go into effect in colorado, where residents will be allowed to grow their own marijuana. but all those plans could go up in smoke because of federal w. the justice department said it's studying the situation here in washington, but, scott, want feds have already warned residents of this state, under federal law all marijuana use remains illegal. >> pelley: plenty of room for confusion. thanks very much, john. a change may
legal marijuana sales could also generate washington $500 million a year in taxes and business. opponents worry legalization will lead to more people using drugs. >> this is not what you're going to pick up in a baggy at the corner. >> absolutely not. it's the complete opposite. >> reporter: jamen shively, a former microsoft executive, has plans for up-market marijuana shops. >> we're positioning premium marijuana, very similar to a fine cognac, a fine cigar, something...
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Dec 5, 2012
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they don't mind taxes. you've got a different dynamic just because who is willing to go through the deadline? >> errol, the president will meet with those ceos. how many will look and say, you know what, hey, buddy, you stink at running negotiations. will you get into a room and work this out? enough of this public posturing. it's absurd. >> they won't say it to his face obviously. >> they'll tell it to other people. they ought to. >> when you're in the beltway, in the bubble, you realize things aren't quite as simple as all of that and things have to go through. there is this tremor, i think, going through state and local governments as well as the business community, what if they don't get it together? i think that's what they're going to convey. >> and you wonder why isn't the president playing the adult and saying let's get in a room now? why the posturing. when we come back, there was a lot of republican branding going on yesterday, happened somewhat accidentally, somewhat on purpose. trivia we ask, na
they don't mind taxes. you've got a different dynamic just because who is willing to go through the deadline? >> errol, the president will meet with those ceos. how many will look and say, you know what, hey, buddy, you stink at running negotiations. will you get into a room and work this out? enough of this public posturing. it's absurd. >> they won't say it to his face obviously. >> they'll tell it to other people. they ought to. >> when you're in the beltway, in the...
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, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change to the death tax, wanting to have a new credit card with no credit limit to the president so he can additionally just borrow and spend and tax? you go through all of these things. it really never deals with the fumblefundamental problem in our country which is the spending. our problem is not that we're taxed too little, we just continue to spend too much. >> he is asking that the debt ceiling that he has sole control over and how much the debt ceiling can be raised without having to get permission from capitol hill. i mean,
, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change...
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Dec 4, 2012
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one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other area that democrats want to raise taxes are on investment income, things like capital gains, dividend income. now, those will jump significantly. here's the thing. very few of these benefits affect middle class workers. it does affect the higher income earners and the question you have to ask is will it affect their spending patterns and the thinking amongst democrats and among many liberal economists is that you don't spend the marginal money that you earn in the same way you spend the core money that you earn, so the im
one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other...